Quebec to price dollar-denominated five-year notes; talk at SOFR mid-swaps plus 58 bps area

By William Gullotti, Mary-Katherine Stinson and Cristal Cody

Buffalo, N.Y., April 5 – The Province of Quebec will price a U.S. dollar-denominated offering of fixed-rate notes due April 13, 2028, according to a 424B3 filing with the Securities and Exchange Commission and additional information from a notice on Wednesday.

A source noted that talk was in the SOFR mid-swaps plus 58 basis points area.

The global notes, series RC, are not optionally redeemable.

According to the notice, J.P. Morgan Securities plc, BofA Securities, Inc., Canadian Imperial Bank of Commerce, RBC Bank and Toronto-Dominion Bank are the joint bookrunners.

Miller Thomson LLP is counsel to Quebec. Sullivan & Cromwell LLP, Norton Rose Fulbright LLP and Norton Rose Fulbright Canada LLP are counsel to the underwriters.

Proceeds will be added to the province’s consolidated revenue fund or advanced to the province’s financing fund.

The SEC-registered notes will be listed on the Euro MTF Market of the Luxembourg Exchange.

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